AIG 2012 Annual Report Download - page 215

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standards. The Solvency II Directive (2009/138/EEC), was adopted on November 25, 2009 and is expected to
become effective in January 2014.
SSDMF Social Security Death Master File A database of deceased individuals, most of whom were issued a social
security number during their lifetimes, maintained by the U.S. Social Security Administration.
Surrender charge A charge levied against an investor for the early withdrawal of funds from a life insurance or
annuity contract, or for the cancellation of the agreement.
Unearned premium reserve Liabilities established by insurers and reinsurers to reflect unearned premiums which
are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the
contract term.
VaR Value-at-Risk A summary statistical measure that uses the estimated volatility and correlation of market factors
to calculate the maximum loss that could occur over a defined period of time with a specified level of statistical
confidence.
VOBA Value of Business Acquired Present value of projected future gross profits from in-force policies from
acquired businesses.
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AIG 2012 Form 10-K198
ITEM 7 / GLOSSARY